Enda Curran

Dallas Fed President Lori Logan last night in her speech making the point that not only will oil supplies start to dwindle soon as long as Formosa stays closed, the U.S.

production facilities can't fill that gap.

And that's going to hurt consumers.

You certainly ask interesting questions.

They're not a game changer in and of themselves, but it's probably a reminder that the soft labour market story hasn't totally gone away.

The monthly jobs data are supposed to hold up OK.

They're meant to come in around 69,000 according to the Economist survey.

Unemployment holding around 4.4%.

That's meant to have leaned into the idea of a stabilizing jobs market.

But maybe, and this is perhaps what Mr. Hassett is speaking to, we do also get the annual revisions on Wednesday.

And they're expected to show fairly hefty downward revisions for the previous year, the year to March 2025.

Really, it's on the political side where all the focus will be in that press conference.

Given the Department of Justice subpoenas on the Fed since the last Fed meeting, Chair Powell will be asked about it.

He'll be expected to comment.

He probably won't dive too deep into the legal side of that, but it will be interesting to see whether or not he doubles down on his broader commentary around this being an attack on the independence of the Federal Reserve.